11) Interest must be accrued on all current notes payable. For long-term notes the interest is accrued at the maturity of the note.
12) Notes payable normally require the borrower to pay interest.
13) A $15,000, 8%, 9-month note payable requires an interest payment of $900 at maturity, if no interest was previously paid.
14) The rate of provincial sales taxes is the same in every province.
15) The Federal Government collects all the PST and GST for the country and then passes on the collection of the PST to the individual provincial governments.
16) Most lines of credit are payable on demand.
17) The province of Alberta has the lowest PST rate in Canada of 3%.
18) The methods of recording GST and HST are similar.
19) In some provinces individual consumers must pay both HST and PST.
20) In provinces with PST, businesses must pay the tax when they are the final consumer of the goods.